Smart Home Healthcare industry is anticipated to register 28.5% CAGR between 2023 and 2032 owing to growing popularity of Internet-of-Things (IoT) in home healthcare.
Selbyville, Delaware, Nov. 28, 2022 (GLOBE NEWSWIRE) --
The smart home healthcare market value is set to reach USD 172 billion by 2032, according to the latest research report by Global Market Insights Inc.
The technological evolution and development of healthcare and fitness gadgets are favorably influencing industry progress. End users are increasingly adopting technologically advanced equipment. These user-friendly gadgets allow patients to track their calorie intake, heart rate, and the number of calories burned. Furthermore, smart home healthcare products, such as wearables, feature alarm systems that detect fires and falls and allow the user to summon help. Such favorable features are expected to boost product demand.
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Ease of communication to bolster wireless technology uptake
Smart home healthcare market from wireless segment was worth over USD 7.5 billion in 2022. The advantages of wireless technology over wired technology, the ease of connection, and sensors that are embedded into computing devices, are largely contributing to segment expansion. This technology can readily undertake long-term health trend analysis and produce alarm signals in emergency situations, which is set to increase its adoption.
Availability of several residential service platforms to promote installation & repair segment development
Smart home healthcare market from installation and repair service segment captured around 65% business share in 2022. The segment is expected to expand significantly throughout the projected period due to the growing use of various modern devices that are installed to identify abnormalities and behavioral patterns in the patient's health. Moreover, the availability of various residential service platforms to facilitate installation in an individual's home gateway is likely to accelerate industry trends.
Browse key industry insights spread across 146 pages with 165 market data tables & 13 figures & charts from the report, “Smart Home Healthcare Market Analysis by Technology (Wired, Wireless), Service (Installation and Repair, Renovation and Customization), Application (Fall Prevention and Detection, Health Status Monitoring, Nutrition or Diet Monitoring, Memory Aids), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Growing health consciousness to boost nutrition or diet monitoring segment share
Smart home healthcare market share from the nutrition or diet monitoring segment was valued at more than USD 2 billion in 2022. The segment is poised to develop considerably in the coming years as people become more aware of the importance of nutrition and diet monitoring. Diet monitoring raises awareness for a healthy lifestyle and keeps individuals accountable, which is slated to complement segment growth.
Increasing prevalence of chronic ailments to fuel Europe market Statistics
Smart home healthcare market in Europe is estimated to exceed USD 52.5 billion by 2032. The rising prevalence of chronic illnesses, injuries, accidents, and obesity, coupled with a growing population base embracing sedentary lifestyles, is expected to drive business landscape. Furthermore, consumers are drawn to smart home healthcare because the technology provides numerous opportunities for patient empowerment and control, as well as lower healthcare costs in a variety of situations, which is likely to impel the industry expansion.
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Apple Inc., Zanthion, Companion Medical, Hoffmann-La Roche Ltd., VitalConnect, General Electric Lighting, Google (Alphabet Inc.), Health Care Originals, Hocoma AG, Medtronic, Sanofi SA, SAMSUNG Electronics, are some major participants in the industry. These companies are investing in the development of novel technologies and products to gain a competitive edge in the market.
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